Alabama § 23-7-3 Creation; Purpose; Accounts

Alabama Statutes

§ 23-7-3 — Creation; Purpose; Accounts

Alabama·Title 23 Highways, Roads, Bridges and Ferries·Ch. 7 Alabama Transportation Infrastructure Bank Act

(a)There is created a public corporation to be known as the Alabama Transportation Infrastructure Bank.

(b)The bank is governed by a board of directors as provided in this chapter.

(c)The corporate purpose of the bank is to select and assist in financing major qualified projects by providing loans and other financial assistance to government units for constructing and improving highway and transportation facilities necessary for public purposes including economic development.

(d)The bank shall establish and maintain at least the following accounts:

(1)State highway account.

(2)Federal highway account.

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(a) There is created a public corporation to be known as the Alabama Transportation Infrastructure Bank.
(b) The bank is governed by a board of directors as provided in this chapter.
(c) The corporate purpose of the bank is to select and assist in financing major qualified projects by providing loans and other financial assistance to government units for constructing and improving highway and transportation facilities necessary for public purposes including economic development.
(d) The bank shall establish and maintain at least the following accounts:
(1) State highway account.
(2) Federal highway account.

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